How to record and track sponsorship expenses

Why record sponsorship usage?

When the business uses sponsorship funding to pay for expenses, you can record the expense against the Sponsorship Code (the unique code that identifies the sponsorship deal).  

This helps you to keep track of sponsorship expenses and gives you the information you need to create a sponsorship value statement for your sponsor at the end of the season. We recommend you follow this process, but it isn’t mandatory.

In Wiise, you do this by creating a document called a purchase invoice, a document that contains details of the expense.

How to create a purchase invoice for a sponsorship expense

1. Have the vendor’s invoice for the equipment or service to hand before you start.

2. Log in to Wiise from your mobile, tablet or any browser.

3. Select the + Purchase Invoice action from the role centre, which is the front page of Wiise.

4. A new purchase invoice page will display with blank details for you to complete.

5. To start, select the purchase invoice vendor. You can do this in a few ways:

  • Type their name in the Vendor Name field, or
  • Select the down arrow to the right of the field to see a short list of options, or
  •  Click Select from Full List on the right of the list.  Search through this to find the right vendor and select them.  

6. If the vendor isn't in the list, you can create a new vendor:

a) From the short or full list, select +New

b) Select a Template type and then enter the contact details in the vendor page that opens.  Once this is done, Wiise will take you back to the purchase invoice 

7. When you select the vendor, the address details from the vendor record will be filled in automatically.  If these are different for this particular purchase, you can change the values in the fields.  This information will show on the purchase invoice document.

8. Now check the Posting Date of the purchase invoice. It will default to today’s date, but you can change this, if you need to back date an invoice for example. 

Note: When you enter dates in Wiise, you don’t need to use / or . between the numbers.  For 1st June 2020, you can enter 010620 and it will convert the value to 01/06/2020 for you.

9. If the purchase invoice isn't going to be paid immediately, check that the Payment Terms Code (the time that payment must be made in, such as 7 days or 14 days from receipt) and Due Date (the date the supplier wants you to pay the invoice) are correct.  Wiise calculates the Due Date based on today’s date and the Payment Terms Code.

Tip: You can track this easily using Wiise reporting. This will show your unpaid invoices and their due dates.

10. As the purchase invoice relates to spending sponsorship funds, select the relevant Sponsorship Code (these will be pre-configured for your sponsorship deals).  This will help you keep track of your sponsorship spending and help produce a Sponsorship Value Statement.

11. Now enter the detail of your purchase in the Lines section. 

  • The Type field will default to Item.  This will mean that the options you can select in the No. field are Items.

12. Next, select the item you’re purchasing in the No. field.  You can do this in a few ways:

  • Type the name of the item you’re purchasing, or
  • Select the down arrow to the right of the field to see a short list of options, or
  •  Click Select from Full List on the right of the list. 

When you select the item, the Description will automatically be filled in, but you can edit this if you need to.

13. Now enter the Quantity you’re paying for.

14. Enter the Unit Price from the supplier’s invoice, but don’t include GST. If GST is charged on the purchase, Wiise will calculate it automatically.

15. Repeat steps 11 – 14 until you’ve added all the items you’re paying for. Add a new line for each item.

16. If you want to add more information about the purchase, you can add a comment line — select Comment in the Type field, and then add your comments in the Description field.

17. The invoice total will calculate automatically — double check this.

18. Select the Payment Method Code (this is how the invoice is paid, such as credit card or PayPal, and can be reported on later) if you’re paying immediately or have already paid.  If you choose CASH, Wiise records the payment against the bank account immediately — you won’t have to enter it manually later.

19. Finally, select Release when you've finished entering all the details. If you do need to make any changes, you can select Reopen.